Lynch channelled his inner George Bailey and ripped into Old Man Potter the treasury secretary over the AIG bailout.
Oh, oh, oh! Look at me! Look at me! I'm a populist.
(except for health care and reproductive rights and stuff)
He did vote for health care but his base is unions and he wouldn't have survived the next cycle without a yes vote.
He voted for Stupak-Pitts and it passed in the house health bill.
The business commentators were having a field day with Lynch yesterday essentially saying he put on a good show for anyone who is clueless but that it was obvious from his commentary and line of questioning that he is among the clueless when it comes to the banking industry.
For the record they probably shouldn't have paid out in full on the AIG swaps - but it's easy to Monday morning quarterback sitting at a desk a year after the fact. I'm sure Geithner and others would like some do-overs on some things but I don't even want to think about where we'd be if they had decided to play hardball and struck out swinging. As I said to my brother at the time the only two things with value would have been gold and the business end of a loaded gun.
Warren Buffett and Bill Gates apparently had a great exchange when all this was happening. Gates called Buffett and said "Should I be worried?" Buffett - hedging as always - responded, "A little." Most of America, including our congressman have no idea what almost happened and they want to get their name in the press by firing the two people (Geithner and Bernanke) probably responsible for avoiding fiscal Armageddon. Brilliant.
I am with you, Stevil. I believe we were at the brink. The shame of it is that most people have short and revisionist memories, and are already suggesting that everyone was overreacting.
As for Lynch, he is a dope, and with any luck a friend of mine, who is half as old and twice as bright will run against him and win.
If I recall correctly, Lynch voted against the bailout. I guess he could've said nothing at this hearing and let it pass. It's too bad he wasn't the democratic nominee for US Senate. We wouldn't be in the situation we're in now, that's for damn sure.
I hope we can do better than Stevie Lynch, the situational populist.
Help keep Universal Hub going. If you like what we're up to and want to help out, please consider a (completely non-deductible) contribution.
Copyright 2021 by Adam Gaffin and by content posters.Advertise | About Universal Hub | Contact | Privacy